Overview
Title
To expand the investigative authorities of the United States Secret Service, and for other purposes.
ELI5 AI
The bill wants to give more power to the United States Secret Service to help them catch people doing bad things like stealing money on the internet. It also wants to give them more time in special programs to stop these crimes.
Summary AI
H.R. 7156 is a legislative proposal aiming to strengthen the investigative powers of the United States Secret Service. Specifically, it plans to modify Section 3056(b) of Title 18 in the U.S. Code to broaden the scope of investigations, such as those involving money laundering in cyber crime. Furthermore, it seeks to extend the duration of certain FinCEN operations to ten years and amend the National Defense Authorization Act to bolster international financial institutions' roles against financial crimes. Overall, the bill aims to bolster measures against financial crimes, particularly in the realm of cyber crime.
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AnalysisAI
Overview of the Bill
The proposed legislation, titled the “Combating Money Laundering in Cyber Crime Act of 2024," aims to enhance the authority of the United States Secret Service by expanding its investigative capabilities. This bill, H. R. 7156, was introduced in the U.S. House of Representatives and is a product of collaboration by several lawmakers. The bill has undergone review and modification by committees, specifically the Committee on Financial Services and the Committee on the Judiciary, reflecting its multifaceted focus on financial and legal aspects.
Significant Issues
The bill primarily seeks to amend existing U.S. Code sections to give the Secret Service broader powers associated with investigating certain crimes, notably around cyber-crime and financial activities, such as money laundering. However, there are notable issues surrounding this expansion of power. First, the term "investigative authorities" is not explicitly defined within the bill, which could lead to potential ambiguity and misuse of power. Secondly, the need for coordination between the Attorney General and the Secretary of Homeland Security introduces layers of bureaucracy that might slow down decision-making or create power imbalances among federal agencies.
Furthermore, amendments in other sections, including those affecting the FinCEN Exchange and international financial institutions, propose timeframe extensions without adequate context or explanation. These revisions invoke concerns about transparency and comprehension for legal practitioners and the general public alike.
Potential Public Impact
Broadly, this bill could impact the public by potentially increasing the effectiveness of combating money laundering and cybercrime, which remains a pressing concern in the digital age. Enhanced investigative powers might contribute to more robust law enforcement strategies against criminal enterprises that operate within financial networks online. However, if not carefully managed, the expanded powers could also pose risks of overreach, affecting civil liberties and due process.
Stakeholder Impact
For stakeholders such as federal agencies, the bill introduces both opportunities and challenges. On one hand, the Secret Service and related entities could benefit from an expanded toolkit when tackling sophisticated financial crimes, potentially making operations more efficient and successful. On the other hand, jurisdictional ambiguities and the requirement for inter-agency agreements might lead to operational delays and conflicts over authority.
For financial institutions and international partners involved in compliance and regulatory frameworks, the extensions laid out in Sections 3 and 4 might mean longer commitment periods to certain initiatives and legal obligations, requiring adjustments in strategic planning and resource management.
In conclusion, while the bill presents initiatives that align with contemporary security needs in the financial and cyber realms, the absence of detailed explanations and clarity in its provisions poses significant challenges. These hurdles must be addressed to ensure balanced implementation that respects both security goals and civil freedoms.
Issues
The expansion of investigative authorities of the United States Secret Service in Section 2 raises significant concerns due to the ambiguous definition of 'investigative authorities.' This may lead to confusion and potential overreach of power, impacting public perception and legal outcomes.
The requirement in Section 2 for the agreement of both the Attorney General and the Secretary of Homeland Security for exercising certain authorities could lead to bureaucratic delays or power imbalances within federal law enforcement, affecting the efficiency and fairness of operations.
In Section 2, the changes made within multiple U.S. Code titles (18 and 31) without clear context or explanation can result in difficulties for those unfamiliar with legal codes, thereby hindering transparency and accountability.
The vague language regarding the jurisdictional boundaries of federal law enforcement agencies in Section 2 might lead to legal disputes or inefficiencies, which could concern both the agencies involved and the public.
Section 3's amendment of the FinCEN Exchange, extending the period from '5 years' to '10 years,' lacks clarity about the potential financial and operational impacts. This could raise public and institutional concerns about resource allocation and long-term commitments.
The amendment in Section 4 concerning international financial institutions, where '6' is changed to '10', offers no context about the implications of this numerical change, thereby potentially affecting legislative transparency and understanding by the public.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The first section of the bill gives it a short title, officially naming it the “Combating Money Laundering in Cyber Crime Act of 2024”.
2. Expansion of United States Secret Services investigative authorities Read Opens in new tab
Summary AI
The bill expands the investigative powers of the United States Secret Service by updating Section 3056(b) of title 18 of the United States Code. It includes new references to specific legal statutes and clarifies the coordination required with the Attorney General and the Secretary of Homeland Security, ensuring that these updates do not limit the authorities of other Federal law enforcement agencies.
3. FinCEN Exchange Read Opens in new tab
Summary AI
Section 310(d)(3)(A) of title 31 in the United States Code has been updated to extend the time frame from 5 years to 10 years for certain actions related to the FinCEN Exchange.
4. International financial institutions Read Opens in new tab
Summary AI
The section changes a law in the National Defense Authorization Act for Fiscal Year 2020 by updating a number from "6" to "10" in the specified part of the law related to international financial institutions.